I'm contemplating taking an early retirement package which is on offer from my company.

I'm 63 and have worked for 45 years, but still not 100% sure that this is the right time for me

what are you guys views /comments on retirement ?

Iain

If you could live comfortably on whatever pension you have AND you have other stuff to fill your time, go for it. If you can't live comfortably or you will just be sitting at home rotting, stay as you are! Past: FL2 TD4 HSE Auto
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As you are 63 I take it you would retire at 65 anyway. You will have to make changes sooner or later to your income, unless you're an MP or something with a platinum plated pension. You will have two years before the state pension comes in. £150 a week is it now if you've paid your stamp all your life?

If I was in your position and could afford to I would be snapping the offer up. I plan to retire before my official date, at least 4 years before I get the state pension, if not before. I am lucky in that I am already in receipt of one pension each month, my current work pension I have planned for early retirement and am topping it up above the statutory min. My wife has a good job and is a good few years younger than me and can keep me in the manner I've become accustomed to. (I've not told her this bit yet).

Seriously side, my father in law worked hard and planned to retire early. He was only working due to to the negative equity balls up with mortgages and the policy short fall. He paid off the mortgage and a week later was seriously ill and died. He didn't actually get to live in his house once it was paid off or meet his grand daughter. He was 59. If you have the chance I'd go for it.

My father is now so busy he doesn't know how he ever had time to work, he has joined the U3A, or University of the 3rd Age, where they go and learn about a variety of subjects in proper learning establishments. He has even had to lead a lesson, as his passion is close up photography. He was invited to give a demonstration to a group.

Gav.

Last edited by GSKM on 5th Apr 2017 11:11 am. Edited 1 time in total

I'm 59 and retired 6 years ago. Like you I had a good release package from my company. The initial few months were difficult as you readjust your daily routine away from work. Once you realise that you can do what you want when you want it all falls into place. You can go to places off peak and avoid crowds, take your time doing stuff and generally live a more relaxed existance. Things that had to be saved for the weekend no longer apply, so little jobs get done as and when and do not pile up into a daunting list of things needing fixing, decorating or fettling. We only get one crack at life, enjoy it and get off the treadmill, you won't regret it.

P.S. If in the event you do regret having too much free time you can always get another job/volunteer or something. FL2 Metropolis, Loire Blue, ebony/ivory

Don't retire you won't have time for anything!

I'm low 50s been retired 5 years, semi retired another 5 years before that. Other half is also retired. You will find plenty of things to do and you will wonder how you had the time to fit work in.

I'm good at saving money, even basic weekly shopping we tend to buy things on special rather than what you need that week and save a bucket load of money.

I have a lot of jobs that need doing but they don't get done. Rather plan for interesting things like holidays.


Speak to your accountant about the early retirement package, there maybe tax implications like we have here. Procrastination, mankind's greatest labour saving device!

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Last edited by Lightwater on 6th Apr 2017 12:39 pm. Edited 1 time in total

GSKM wrote:

Seriously side, my father in law worked hard and planned to retire early. He was only working due to to the negative equity balls up with mortgages and the policy short fall. He paid off the mortgage and a week later was seriously ill and died......

I took redundancy at 60. After 12 months , I can tell you it is definitely the best thing I ever did. I initially thought I would perhaps look for some other work , but honestly that is on the back burner, for ever ! .You will often hear people say they don't know how they had the time to work, and it is true. At 63 you don't have much more to gain in pension acruals so why keep on going if you can get an enhancement ?

I'm sure you have already worked out the finance side, but if are not already aware it's a great opportunity to put cash into your pension tax free using unused allowances , and quickly take it back out . The other great thing is your monthly pension payment is not subject to NI

If there is any element of redundancy in your departure it is also an opportunity to if correctly structured avoid NI on pay given as compensation for any unworked period .but the tax authorities are very aware of early retirement dressed up as redundancy so it has to be correctly structured

There is of course the question of how you see yourself and do you need the self esteem of employment, some people find that very difficult. However once outside the restrictions of work you wil find a parallel world where people are happier, look younger,and are free to pursue their interests.

I know lots of people who think that any chance to get an enhanced exit deal is the the Holy Grail , so my opinion is grab your opportunity whilst it is still on the table  2009 GS Auto Zermatt Silver - Sold June 21 after 10 years of ownership

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Last edited by MartynB on 5th Apr 2017 12:27 pm. Edited 1 time in total

well I was 51 on Saturday and the first thing in my head was 6-7 more yrs and I can get out of didge and retire. I have seen to many retire from were I work and not live long enough to enjoy life. but on the other hand I met plenty who have and look better and healthier than the day they retired, most havnt taken another part time job but a close friend has and contracts to an out fit thats used to do work for us, he works for them 3 -4 days a week as and when he wants purley to pay for holidays and buy new caravans and has hardly touched his pension in the 5 yrs hes been retired.

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Provided you have sufficient income and have cleared ALL your debts then go for it.

If you are on a final salary pension it might be worth your while to get a transfer value. A pal is in a similar situation and their final salary pension of circa £30k has a transfer value of £800,000. He is getting advice from Hargreaves Lansdown as to the best way forward for him and his wife viz aspiration,health etc. These massive transfer values are a consequence of low interest rates and returns on government debt so won't always be available. MY 09 GS manual in Lago Grey, Wood Co arm rest and side bumper strips - now sold.

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As others have said if your in the position to and can find something else to fill your time then go for it.
I know of too many tales where people have put it off just another year, just another year only to then fall ill and not actually make it.
Other option is we can swap and I'll retire for you and you can cover me......

Funnily enough,I handed my notice in at work on Tuesday.as I will be 64 in August and was intending to retire a year early.I worked out that I could live comfortably for the next 12 months so that was it.I have now decided to finish in early June and enjoy the summer months rather than wait until August.I haven't been offered a retirement package from work,so my retirement is going to be self-funded.I had a cancer nearly 3 years ago,so this made me realise that life is too short.
Good luck with what ever you decide.

I took early retirement about 4 years ago, had no debts and mortgage paid off, two excellent annuities and now taking the full state pension with additional years. Wife has her previous employment pension plus state.
I was an Engineering Manager with a first class pension fund and just got fed up with the hassle so gave a months notice, never been back but meet a few close friends regularly. I don't need anything to fill my time as I'm perfectly happy walking the dog and doing nothing else. We tour with the caravan from March to November with one 3 month trip abroad, the rest in the UK, I am better off financially now than when I was working but still begrudge paying tax.

My retirement was forced on me due to an R T A.

luckily had several Insurances in place to cover most things including the house (paid off 2008)

but waiting for what was justly mine ref R T A ...8 and a half years !! ( lawyers)

you do not know how long you have , enjoy it as long as you can.

decreased mobility and now haveing to employ people to cut the hedges and do the lawn makes my blood boil...
but if I do it , I end up in bed for days ...

grab it
take it
spend it
go places

long time dead

(if it is that bloody good being dead no one has come back to show the rest of us .!!)

no safe,s in coffins you may as well spend it before some other leech does ...  Wales
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I echo what everyone else says. I retired at 54 and took my teacher's pension early at 55 - I lost 25% as a result but reckon I'll make up for that by living longer! In teaching, I don't think I'd have survived the stress until I was 60. Here are some thoughts:
I made sure I would have enough to live on in a basic way if need be. That really reduces stress!
I was so stressed that I didn't do much at all for two years. Just wound right down until I was ready to start again. I did a bit of work here and there for a bit of extra cash - no problem as I lived in London, so there was always plenty of work around. I knew that if things got bad I could always use my HGV licence, but I never had to.
After that I started to do new things. took a degree in archaeology and have since got very involved in that - it doesn't pay but it's interesting and a great way of making friends. We also moved out of London once my wife retired, which sorted out the finances.
My one warning - if you have been in a senior position with a lot of responsibility you may find it difficult to get used to not being wanted/needed. This could lead to depression and a feeling of worthlessness. I still work a couple of days a week up in town, not for the money but because it gives me that feeling of being wanted. I actually get a buzz when I get an e-mail begging me to go in for a day at short notice. I won't touch teaching though - not because it wasn't fun but because I feel I've moved on and am now doing different things. I am also involved with a few clubs and societies, as committee member or treasurer, but in that respect there's one other piece of advice - learn to say no occasionally, or you'll be working harder than before you retired. Ex AA Series III LWB Safari - Gone
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Good to see no-one claiming it's a bad idea!

As many have said If your financial position allows it then don't hesitate.

I am 68 this year and retired on my 60th birthday in 2009, I haven't regretted the decision for one second since but I do have savings and income that enable us to what we want to do. There is little joy in old age poverty but enough money to let you follow hobbies and interests makes all the difference!

I have known many people over the years who have worked to the last minute and then died or become ill soon after retirement, I developed cancer in 2014 but hopefully that was sorted with surgery and I am doubly determined to make the very most of whatever time has been ordained for me. If you can why wouldn't you? life is for living and enjoying so grab the chance and make the most of every minute that you can!